I was initially planning on retaking the LSAT and applying next cycle, because my number are just below the median of the school I want to attend. However, I really do not want to take an entire year off, so I was thinking about sending in my application to see if this particular school will bite. Chances are I will get rejected, but I figure it is worth a try. So my question is this: If I do get rejected, will it in anyway put me at a disadvantage when I reapply in the fall? Thank you for the advice.

I don't think it will have any sort of negative impact. Cycles are getting increasingly competitive, and medians are going up this year for sure (for most schools anyways). Throw up a prayer. It can't hurt.